ASR Vermogensbeheer N.V. Makes New Investment in Qorvo, Inc. (NASDAQ:QRVO)

Key Points

• ASR Vermogensbeheer N.V. has acquired a new stake in Qorvo, Inc., purchasing 3,360 shares valued at approximately $243,000.
• Institutional ownership of Qorvo is high, with 88.57% of the stock held by institutional investors and hedge funds, indicating strong market confidence.
• Qorvo's most recent quarterly earnings reported $0.92 EPS, surpassing analysts' expectations, despite a 7.7% year-over-year revenue decline.

ASR Vermogensbeheer N.V. purchased a new position in shares of Qorvo, Inc. (NASDAQ:QRVO - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,360 shares of the semiconductor company's stock, valued at approximately $243,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. LSV Asset Management grew its position in shares of Qorvo by 114.4% during the first quarter. LSV Asset Management now owns 634,381 shares of the semiconductor company's stock worth $45,936,000 after buying an additional 338,521 shares in the last quarter. Jefferies Financial Group Inc. acquired a new position in Qorvo in the first quarter valued at approximately $331,000. Alberta Investment Management Corp boosted its holdings in Qorvo by 135.2% in the first quarter. Alberta Investment Management Corp now owns 85,600 shares of the semiconductor company's stock valued at $6,198,000 after purchasing an additional 49,201 shares in the last quarter. US Bancorp DE boosted its holdings in Qorvo by 184.0% in the first quarter. US Bancorp DE now owns 5,481 shares of the semiconductor company's stock valued at $397,000 after purchasing an additional 3,551 shares in the last quarter. Finally, Natixis Advisors LLC boosted its holdings in Qorvo by 68.2% in the first quarter. Natixis Advisors LLC now owns 85,445 shares of the semiconductor company's stock valued at $6,187,000 after purchasing an additional 34,632 shares in the last quarter. 88.57% of the stock is currently owned by hedge funds and other institutional investors.

Qorvo Price Performance

Shares of QRVO stock traded up $0.37 during mid-day trading on Wednesday, reaching $90.14. The stock had a trading volume of 1,656,233 shares, compared to its average volume of 2,426,318. Qorvo, Inc. has a 12-month low of $49.46 and a 12-month high of $117.90. The company has a market cap of $8.35 billion, a P/E ratio of 106.05, a price-to-earnings-growth ratio of 1.70 and a beta of 1.35. The business has a 50-day simple moving average of $84.68 and a 200 day simple moving average of $76.23. The company has a current ratio of 2.81, a quick ratio of 2.01 and a debt-to-equity ratio of 0.45.

Qorvo (NASDAQ:QRVO - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The semiconductor company reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.30. The business had revenue of $818.80 million for the quarter, compared to analyst estimates of $775.61 million. Qorvo had a return on equity of 12.63% and a net margin of 2.21%. The business's revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.87 earnings per share. On average, sell-side analysts anticipate that Qorvo, Inc. will post 4.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on QRVO shares. Barclays upped their price target on Qorvo from $70.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Mizuho set a $84.00 price target on Qorvo and gave the company a "neutral" rating in a report on Tuesday, July 1st. Wall Street Zen raised Qorvo from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Stifel Nicolaus set a $88.00 price objective on Qorvo and gave the company a "hold" rating in a research note on Wednesday, July 30th. Finally, Benchmark boosted their price objective on Qorvo from $95.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $95.35.

About Qorvo

Qorvo, Inc engages in development and commercialization of technologies and products for wireless, wired, and power markets. It operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG), and Advanced Cellular Group (ACG). The HPA segment supplies radio frequency and power management solutions for automotive, defense and aerospace, cellular infrastructure, broadband, and other markets.